Updated May 29, 2025
Raimundo Onetto & Ignacio Montes Secure $94.2M Construction Loan For Development Site In Coral Gables
4011 Salzedo Street
$94,200,000
$553/SF
Building Size
170,141 SF
Asset Type
Development Site
Closing
Apr 4, 2025
About this deal
AI
The property asset involved in this transaction is a development site located at 4011 Salzedo Street within the Coral Gables market. This site encompasses a total square footage of 170,141. The transaction includes a construction loan amounting to $94,200,000, specifically designated for condominium construction financing.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $94,200,000
- Address: 4011 Salzedo Street
- Market: Coral Gables
- Asset Size: 170,141 SF
- Loan Type: Construction
- Loan Terms: Condominium Construction Financing
- Landlord: Raimundo Onetto & Ignacio Montes - Alta Developers
- Broker Representatives: Brian Gaswirth & Jimmy Calvo - JLL
This transaction sees Raimundo Onetto and Ignacio Montes representing Alta Developers as landlords. Brian Gaswirth and Jimmy Calvo from JLL acted as the brokers in this deal, facilitating the financing for the development site.
On the Map
$94,200,000
$553/SF
Development Site
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Players
Coral Gables Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93